Dallas-based Arcis Golf, the second-largest golf course operator in the U.S., has built a portfolio of 70 courses and reached an enterprise valuation of $2 billion. It exists only due to the support of the founder’s wife more than a decade ago, who encouraged him to leave the country’s biggest course operator and take a swing at his own venture.
Blake Walker was sitting in a meeting at his prior employer, ClubCorp—the top golf course operator in the U.S., which in 2022 rebranded to become Invited—when he had an epiphany. The discussion in the meeting centered on the game of golf and the importance of aging baby boomers to its growth.
“I thought, ‘What’s going to happen when they age out?’” he tells Front Office Sports. “I literally went home and told my wife, ‘Look, I’ve got this idea.’ I wanted to leave [ClubCorp], eviscerate all my equity with this firm, and create a start-up.”
His wife’s reaction? “She said, thankfully, ‘I think that’s a good idea.’ You can question her logic at the time, and there was part of me that wanted her to say no. But she was supportive, and so I did it.”
Walker left ClubCorp—where he served as chief acquisitions and development officer—to launch Arcis in 2013. He didn’t take a salary for the first six years. Over time, through strategic acquisitions, Arcis grew. Today, Arcis is backed by private-equity firms Atairos and Fortress Investment Group. Its enterprise value (which includes debt) is about $2 billion, according to a source familiar with the company.
Its portfolio has been growing: The company has been on a buying spree lately, with more than 18 acquisitions in the last three years. Last month, it bought the Woodlands Country Club near Houston, and it pledged to invest more than $30 million in updates and improvements. The Woodlands includes five golf courses, three of which were designed by legendary golfer Arnold Palmer. It’s the current host of the PGA Tour Champions Insperity Invitational—and will be until 2030. The 2025 Insperity Invitational, with a purse of $3 million, took place in early May and was won by Stewart Cink.
More recently, on Wednesday, Arcis announced the acquisition of three clubs in Georgia: The Country Club of the South in Johns Creek, The Manor Golf & Country Club in Alpharetta, and White Columns Country Club in Milton. Arcis intends to invest “significant capital” in course enhancements and lifestyle amenities, although it did not specify the amount it will invest. In total, Arcis owns 70 clubs across 13 states, including private and daily-fee clubs.
Its portfolio of 70 golf courses includes the only NFL-themed course in the world—Cowboys Golf Club in Grapevine, Texas—which features Cowboys memorabilia on display, including Tom Landry’s famous fedora, Super Bowl trophies, and more.
Walker says Arcis is in the midst of transforming Cowboys Golf Club, including the addition of a driving range that will look like the Cowboys’ football field, complete with a goal post, as well as a putting green that will also be Cowboys-themed. The putting green is expected to debut in October, he says.
“They’ve been great partners,” Dallas Cowboys spokesperson Tad Carper tells FOS.
From Day 1, Walker knew Arcis needed to differentiate itself by focusing on making the sport accessible, including to groups like women, people of color, and youths.
“We’ve been very intentional in terms of growing the game with overlooked populations,” Walker says.
To that end, Arcis has sought to “reinvent the modern club experience.” Its courses offer fitness classes, fine dining, and other sports (like tennis and swimming).
“It’s a family-centric lifestyle thesis,” Walker tells FOS. “We’re thinking about hour-by-hour, what every member of the family will do, how they will utilize the club differently.”
Golf participation has indeed been on the rise, including in the populations outlined by Walker. As of the end of 2024, of the 28.1 million Americans who played on a course that year, 28% were female and 25% were Black, Asian or Hispanic, according to the National Golf Foundation—both of those last two numbers represent the highest proportions ever recorded.
Earlier this year, the LPGA announced an agreement with Arcis under which LPGA athletes receive complimentary access to certain Arcis clubs. In addition, LPGA Tour player Lilia Vu and LPGA hopeful Maisie Filler are Arcis ambassadors; they wear the Arcis logo and make appearances at Arcis clubs and events throughout the year. Another up and coming female golfer, Zoe Campos—a two-time first-team All-American who recently went pro and plays on the Epson Tour, also became an Arcis ambassador.
Walker no longer feels the same itch to find the next big opportunity as he did a decade ago. He’s content to keep growing Arcis and find novel ways to improve the business. He describes himself as an “owner-operator” and insists Arcis is not a traditional private-equity play with a defined investment horizon.
“I always used to talk about investing, and now all I talked about is operations,” he tells FOS. “We’re really in the infantile stage of growth. I’ve really got my head down and am focused on what this business looks like five years from now. I’m not thinking about when my next liquidity event is going to be.”
